April 2023 Home Sales Press Release
Posted: 05.25.23
*****News Release*****
Low inventories continue to affect the housing market
Eau Claire, WI – Statewide, median home prices are continuing to rise over last year, but at a slower pace as we head into the prime homebuying season. Two regions, however, have seen decreases in median home prices, West and Central Regions. Wisconsin continues to see a very strong seller’s market with just 2.5 months of supply in April which has stayed constant since last year. To have a balanced market the goal is 6 months of supply. Wisconsin’s tight labor market has driven the median income up by 5.8% from April 2022 to April 2023. Even though Wisconsin is seeing higher income rates, housing affordability has fallen 13.7% due to the increase in housing prices and higher interest rates. Here are the statewide stats for Wisconsin:
- Home sales have declined 32.5% from April 2022 to April 2023 (from 6,376 to 4,303)
- Average days on the market has increased slightly from 69 days in April 2022 to 71 days in April 2023
- Mortgage rates have increased by 27.3% in April 2023 compared to April 2022 (from 4.98% to 6.34%) but have shown a decrease since March of 2023 (from 6.54% in March 2023 to 6.34% in April 2023)
Western Wisconsin’s median home price has remained relatively flat compared to April 2022 (-0.5%). Notably, Eau Claire County’s median home price has decreased 6% compared to April 2022. Eau Claire County is also showing significant differences to Western Wisconsin in terms of average days on the market (Eau County County’s average days on the market are 64 days compared to Western Wisconsin’s days on the market are 86 days).
- Western Wisconsin home sales decreased 37.8% since April 2022 (from 584 sales to 363 sales)
- Eau Claire County’s median home price has decreased 6% compared to April 2022 (from $289,500 to $272,000)
- Months of inventory for Eau Claire County has fallen below the state’s average to 2.3 months of inventory in April 2023 compared to 2.6 months of inventory in April 2022
“We are beginning to see the rise in median home prices slow across the state and in some regions even decreased,” shares Julie Flor, President of the REALTORS® Association of Northwestern Wisconsin. “Due to low inventories and interest rates staying relatively high, home sales are still slow as we go into our prime season. One thing we are experiencing in the market causing lower inventory is current homeowners waiting to sell because of their favorable mortgage rates, especially if they refinanced when rates were at record lows.
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If you’d like local commentary on these statistics, or the housing market in general, local real estate professionals are available for interview. Please reach out:
Media Contact:Brenda Barnhardt
(715) 835-0923
brenda@ranww.org
Whitney Girolamo
(715) 835-0923
whitney@ranww.org
The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all the professional REALTORS® residing within the association jurisdiction belong to. The association provides educational opportunities for its members, is active in local, state, and national advocacy efforts, engages in community outreach through charitable giving, operates its own foundation to help homeowners in need, and remains a positive force for the members they serve.
For more information on the REALTORS® Association of Northwestern Wisconsin, visit www.ranww.org.
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